<p><img alt="A co-working space. Phichat Phruksarojanakun/Shutterstock" src="/documents/10204/0/shutterstock_1051332527-%281%29-compressor.jpg/a1f82c72-e90b-46b3-9c34-f11b7acb9aaf?t=1546499130165" style="width: 1400px; height: 640px;" />Sand in your toes, a light sea breeze ... It wasn’t too long ago that the cliché of a coworking space in Asia centred on dreadlocked digital nomads island-hopping through a professional gap year.</p> <p>And while small business owner-operators can still plug in from a beach shack in Canggu to confer with their factory in Guangdong whilst managing sales in Atlanta, research by Colliers reveals the share of freelancers and independent workers using flexible workspaces dropped by 15 percent over the three years ending in 2017.</p> <p>It’s not that fewer are living the laptop life; no, the flexible workspace market has exploded in Asia-Pacific over the past five years thanks to the enthusiasm of far bigger players on both the supply and demand sides.</p> <p>Big international operators are moving aggressively into the region, including WeWork, which opened its 200th location globally in Singapore in 2017 and is sending its coworking tentacles across Southeast Asia.</p> <p>Major property owners are getting into the act, partnering with flex-space companies and launching their own brands. Governments, noting the benefits of entrepreneurs to their economies, are adding their backing. And multinationals, employing what is referred to as a hub-and-spoke or core/flex approach, now consider flexible spaces an integral piece of their permanent operations, either locating entirely in such real estate or shipping younger, more mobile departments to such “off-sites”.</p> <p>Taken together, it’s little surprise that JLL Research found flexible space stock across Asia-Pacific charting a compound annual growth rate from 2014 to 2017 of 35.7 percent (compared with 25.7 percent in the United States and 21.6 percent in Europe), and the total stock managed by major operators growing by 150 percent.</p> <div class="pull-quotes-container">Everyone is familiar with the dotcom-boom-era ping pong tables, in-house baristas, and—for the luckiest ducks—free beer. They’ve been joined by a sophisticated suite of options appealing to a more diverse, and increasingly corporate, clientele</div> <p>Thailand alone has seen coworking spaces grow from four in 2012 to 132 in 2017—a figure expected to increase by 25 percent in 2018, according to Phattarachai Taweewong, senior manager at Colliers. By 2030, JLL predicts flexible space to comprise 30 percent of corporate commercial property portfolios across Asia-Pacific.</p> <p>Everyone is familiar with the dotcom-boom-era ping pong tables, in-house baristas, and—for the luckiest ducks—free beer. Such mancave perks haven’t gone the way of AOL IMs in this generation, but they’ve been joined by a sophisticated suite of options appealing to a more diverse, and increasingly corporate, clientele. More than letting networking happen organically, flexible work firms are purposefully creating programming and designing interiors to facilitate interaction.</p> <p>Hubba, Thailand’s homegrown first coworking space, has four distinct outlets in Bangkok each catering to different fields, from tech start-ups to artisans and craftsmen. Hubba offers a spectrum of useful seminars (Powerpoint pointers, customer-journey mapping), as well as personalized assistance with management, staffing, and even design.</p> <p>Spaces, another popular player in Bangkok, prides itself on style and flexibility, letting clients reserve anything from a locker to an enclosed area for a team. Their Chamchuri Square location won Best Co Working Space Development at the Property Guru Thailand Property Awards 2018—just a little piece of the global coworking operator founded in Amsterdam in October 2008. “And then Lehman Brothers collapsed,” the founders write on their website. “We thought this would be the end of it for us. But actually, we fit right in that spirit of age. Because of the crisis, everybody was re-thinking work.”</p> <p><img alt="Artist’s impression of Spaces Chamchuri Square, winner of Best Co Working Space Development at the 13th PropertyGuru Thailand Property Awards" src="/documents/10204/0/SPACES-CHAMCHURI-SQUARE-%281%29-compressor+%281%29.jpg/bd56bf05-7b44-4009-9903-5c9fdcf5eaab?t=1546499897860" /></p> <p>The Executive Centre (TEC), a pioneering Hong Kong-based flexible space provider founded in 1994 by Paul Salnikow, who had been seeking short-term office space for a Japanese firm expanding to London, credits the GFC as a gamechanger. “Prior to the financial crisis, TEC interacted with multinationals only when they were opening an office in far-flung locations,” says Pebble Lee, global public relations manager. Today, in Hong Kong alone, 67 percent of their clients are multinationals, including Apple, Morgan Stanley, Facebook and Twitter.</p> <p>TEC now has 20,000 members in Grade A offices in CBDs across 30 markets, having added 23 locations in 2017, and is expecting 30 percent annual growth from 2018. Beyond such prestige fittings as height-adjustable standing desks by 9AM, Herman Miller chairs, and Timothy Oulton furnishing, TEC is about all about innovation, their Hong Kong headquarters a “test kitchen—a place to trial new design concepts, products, and technologies,” Lee says.</p> <p>However, potential barriers belie the stunning growth of coworking spaces in the region. “Corporate culture in Asia tends to be more hierarchical, and not always in sync with the casual, flexible atmosphere,” says JLL research. “According to one industry observer, ‘In many markets across Asia Pacific, space is a reflection of status.’ Large organizations place high value on retaining brand identity and culture. Such concerns, along with the need to protect trade secrets and secure IT infrastructure, must be addressed.”</p> <p>It’s why the most sophisticated players act not only as builders, gatekeepers, event-planners and consultants, but also full-time IT departments, and in the case of WeWork, corporate fit-out contractors and developer partners.</p> <p><img alt="The common areas at a WeWork co-working space in Sanlitun, Beijing" src="/documents/10204/0/20180522_WeWork_Sanlitun_-_Common_Areas-7-compressor.jpg/602f832b-9c5c-47ea-afd9-2ca967c54ca6?t=1546500194327" /></p> <p>And those developers are coming in hot. A handful of large landlords control the supply (in Singapore’s CBD, the 15 largest landlords control 75 percent of Grade A office buildings; in Hong Kong East, three landlords run 80 percent of office buildings), entering the flex-space market themselves. Swire in Hong Kong—which has created its own brand, Blueprint, and inked deals with WeWork and The Great Room—and Ascendas in Singapore, says JLL, have realized they “can add value to their buildings and maintain or even extend their relationships with tenants by offering a diverse portfolio of core and flex space.”</p> <p>Even hotels have followed suit, looking at their business centers as community lounges, particularly in cities not recognized as regional commercial capitals. In Yangon, Shangri-La Group has opened a branch of FlySpaces. The new Shangri-La Hotel, Colombo, has a gorgeous new space called Co-nnect, with pods, private offices, meeting rooms with smart boards for both hotel guests and residents of the capital looking for a prestigious address to conduct business.</p> <p><a href="http://property-report.com/detail/-/blogs/better-together-making-the-most-of-mixed-use-developmen-4" target="_blank"><strong>More: Making the most of mixed-use developments</strong></a></p> <p>While it’s easy to be cynical about the corporatisation of what was once considered a hippy-dippy industry, you might say global expansion has brought the coworking market full-circle. In a recent survey by TEC, members say they value their community as defined by connecting, networking, and collaboration. The firm will soon roll out a client portal, MyTEC, enabling members worldwide to connect directly, give advice, help grow their businesses, and maybe start new ones.</p> <p>The way they might have found common ground while chilling in hammocks in a wired-up beach shack. It may not be sand-between-the-toes, but it is pie-in-the-sky community-minded. And isn’t that the whole point?</p> <p><em>This article originally appeared in <a href="https://magzter.com/TH/PropertyGuru-International-(Thailand)-Co.,Ltd/Property-Report/Business/" target="_blank">Issue No. 151</a> of PropertyGuru Property Report Magazine</em></p>
<p><img alt="The Golden Bridge is lifted by two giant hands in the tourist resort on Ba Na Hill in Danang, Vietnam. Quang nguyen vinh/Shutterstock" src="/documents/10204/0/shutterstock_1152454088-compressor.jpg/4f08053b-085b-4c75-8a7c-2949990f1434?t=1546414490784" style="width: 1400px; height: 640px;" />Secondary markets may not offer the same dynamic business environment as Asia’s major cities. But with Chinese money pouring into the region and sunny seaside resorts developing into worthy digital hubs they offer fertile ground for big returns.</p> <p>In Cambodia, secondary markets have grabbed international headlines in the past year. Sihanoukville, on the southern coast, has been the poster-child for Chinese investment. Also growing in appeal is Poipet, a lesser-known city bordering Thailand.</p> <p>Speak to any tourist or expat who has at some point crossed the border into Poipet, and they’ll rarely have anything good to say about the place. In the absence of any real industry, Poipet has long been synonymous with rip-off merchants, scammers, gamblers, and other unsavoury sorts—a place where visitors cannot wait to leave and where respectable businesses fear to tread.</p> <p>But things appear to be changing.</p> <p>Since economic zones were launched, and a railway line linking Bangkok to Poipet and Phnom Penh completed last July, the city’s property market has taken a surprising turn. “Many investors from the outside are eyeing Poipet as a great investment destination,” says Hor Kunthea, CEO of Sokha Residences Group.</p> <p>Poipet, with its 30 odd casinos and a growing manufacturing industry, is seeing an expanding Chinese and Korean expat community, mirroring the early rumblings of Sihanoukville’s growth spurt. Sixteen real estate projects were completed in 2017, putting more than 1,500 units onto the market. Adding to this, Poipet governor San Sean Ho has announced the government will build a golf course, an artificial river, a giant garden, and floating market.</p> <div class="pull-quotes-container">In Sihanoukville, the market continues to ride its own investment boom. The sleepy town has undergone immense transformation from a faded backwater to a town jacked up on Chinese cash</div> <p>In more established Sihanoukville, the market continues to ride its own investment boom. The sleepy town has undergone immense transformation from a faded backwater to a town jacked up on Chinese cash.</p> <p>Sotharoth Som, managing director of KHCN Investment and Development Co., Ltd, the developer of the 43-storey Seagate Suite project in Sihanoukville, reports rental prices across the board have gone up five to 10 times, with those closer to the city centre being most expensive. Som says foreign investors, mainly from China, are driving the boom, as they “seek the opportunity to obtain higher rental yields than what is offered in their home countries, along with capital appreciation and low barriers to entry.”</p> <p><img alt="Sihanoukville’s Best Residential Development, according to the PropertyGuru Cambodia Property Awards 2018, is The Seagate Suite" src="/documents/10204/0/The-Seagate-Suite-by-KHCN-Investment-and-Development-Co-Ltd-won-Best-Residential-Development-%28Sihanoukville%29-at-the-Cambodia-Property-Awards-2018-for-web-151-compressor.jpg/140feb7c-54d2-4699-b8b8-c9545624ce84?t=1546416006849" /></p> <p>“The Sihanoukville market has emerged as an alternative condominium hub to the Phnom Penh market,” adds Som, pointing out, however, that compared to Phnom Penh, it is still in its infancy.</p> <p>Elsewhere in Asia, secondary cities are similarly enjoying Chinese-powered boosts as ties with the country strengthen.</p> <p>In the Philippines, warmer relations with China have seen developers benefit from rising demand from Chinese employees and investors, while partnerships between Filipino and foreign developers are expected to increase.</p> <p><img alt="Artist’s impression of The Courtyard at the Residences at The Sheraton Cebu Mactan Resort by Appleone Mactan Inc. (AMI), which took home the prize for Best Luxury Condo Development (Cebu) at the Philippines Property Awards 2018" src="/documents/10204/0/The-Residences-at-the-Sheraton-Cebu-Mactan-Resort-by-AppleOne-Mactan-Inc.-%28AMI%29-won-Best-Luxury-Condo-Development-%28Cebu%29-at-the-Philippines-Property-Awards-2018-%282%29-compressor.jpg/369bf1c1-12b0-4670-96f9-b52428e516d8?t=1546415703153" /></p> <p>“Leasing of condominiums in the secondary market remains strong, resulting in lower vacancy and arresting the decline in rents,” states a recent market update by Colliers International, a real estate services company. “Developers should look at housing opportunities in Cebu, Pampanga, and Laguna as offshore gaming firms have started to operate in these locations,” the company advises.</p> <p>Quite like Poipet, Davao City on the southern Philippine island of Mindanao is emerging an unlikely investment haven. The president’s former mayoral city once had a reputation for gun crime; today, property prices are rising. Units on Davao’s Dahican Beach, for example, now sell for PHP10,000 (USD185) to PHP12,000 per square metre compared with PHP1,000 and PHP1,500 per square metre in 2015. </p> <p>“They know that locators from outside are scrambling for any available space here in the city, not only because the President is from here, but because movement of businesses into Davao City has been going on for several years now,” Adrian Tamayo, a Mindanao expert, told the Business Mirror.</p> <p>Meanwhile in Da Nang, Vietnam, holiday homes and tourism-related properties are in high demand. The city’s latest attraction, a 150-metre golden bridge cradled by two enormous stone hands jutting out of the rocky highlands, has become a social media sensation. </p> <p><a href="http://www.property-report.com/detail/-/blogs/rising-dragon-boom-times-continue-in-vietnam-real-esta-3" target="_blank"><strong>More: Boom times continue in Vietnam real estate</strong></a></p> <p>“The main supply [in Da Nang] is in the hospitality and tourism segment,” according to Peter Frieske, founder and managing director of Central Vietnam Realty. Tourism, he says, is rising sharply and analysts predict it will continue to do so. </p> <p>Currently one of the top destinations for Chinese and South Korean visitors in Vietnam, Da Nang received more than five million visitors in the first seven months of 2018—up 30 percent over the same period in 2017, according to the Da Nang tourism department. Of this figure, more than 1.8 million were foreign arrivals, which are up by 54 percent.</p> <p>“The majority of developers are building resorts, with property for sale or condotel villas that are in some way offered with management programmes focusing on returns on investment rather than lifestyle residential properties. When it comes to quality residential projects, the supply is very low,” points out Frieske, adding this is due to the lack of industry in such places.</p> <p>In Phuket where the market has languished in recent years—year-on-year sales dropped 36 percent in 2017—analysts are optimistic 2018 might yield better results.</p> <p><img alt="The Botanica Luxury Villas won the highly competitive Best Villa Development (Phuket) category at the 2018 Propertyguru Thailand Property Awards" src="/documents/10204/0/Best-Villa-Development-%28Phuket%29-winner-for-2018-is-Botanica-Luxury-Villas-by-Botanica-Luxury-Phuket-Co.%2C-Ltd-for-web-151-compressor.jpg/0d1c6751-6bf3-4c63-8430-4b92cde23c40?t=1546415949403" /></p> <p>Knight Frank’s Lalita Siriboon, associate director of research, says Phuket’s condominium market is expected to improve in line with Thailand’s economy and as the expat population on the island grows. “Demand across the market will continue to be driven upwards by international homebuyers, investors, and expatriates, especially those from Mainland China, Russia, and Australia. Besides, we expected to see a larger portion of buyers from South Korea,” she says, adding there are also government efforts to raise the profile of Phuket as a digital hub and “Smart City,” which is forecast to boost real estate in Phuket by 2020 when the project is to be completed.</p> <p>Unlike capital cities where business and industry will always give people a reason to live there, the jury is still out on Asia’s secondary markets. As it is, investors need to carefully decide whether these “capital contenders” really are a place to call home, or just precariously thriving off clever marketing.</p> <p><em>This article originally appeared in <a href="https://magzter.com/TH/PropertyGuru-International-(Thailand)-Co.,Ltd/Property-Report/Business/" target="_blank">Issue No. 151</a> of PropertyGuru Property Report Magazine</em></p>
<p><img alt="One of the top winners at the 2018 Asia Property Awards (Malaysia) is LBS Bina Group, whose LBS Skylake Residence won Best Mass Market Development (Condo) among other honours" src="/documents/10204/0/LBS-Skylake-Residence%2C-won-Best-Mass-Market-Development-%28Condo%29-for-web-compressor.jpg/ce043b3a-f941-4e8e-8c3f-88cb5bba93bb?t=1546244522761" style="width: 1000px; height: 667px;" /><span xml:lang="EN-GB">Spanning roughly a third of the earth</span><span xml:lang="EN-GB">’s landmass, the Asia-Pacific region is hom</span><span xml:lang="EN-GB">e to more than 60</span><span xml:lang="EN-GB"> percent</span><span xml:lang="EN-GB"> of the world’</span><span xml:lang="EN-GB">s population</span><span xml:lang="EN-GB">—</span><span xml:lang="EN-GB">and</span><span xml:lang="EN-GB"> its</span><span xml:lang="EN-GB"> rapidly growing </span><span xml:lang="EN-GB">cities are beginning to feel the pinch. </span> </p> <p paraeid="{fed141b5-1f33-4608-80d9-dd299f658d05}{53}" paraid="2136570234"><span xml:lang="EN-GB">The urgent need to create</span> <span xml:lang="EN-GB">quality </span><span xml:lang="EN-GB">affordable housing on limited land </span><span xml:lang="EN-GB">has become a defining iss</span><span xml:lang="EN-GB">ue across the region</span><span xml:lang="EN-GB">, where soaring property prices </span><span xml:lang="EN-GB">and stagnating</span><span xml:lang="EN-GB"> incomes </span><span xml:lang="EN-GB">have left many</span><span xml:lang="EN-GB"> struggling for a place to call home</span><span xml:lang="EN-GB">. </span> </p> <p paraeid="{fed141b5-1f33-4608-80d9-dd299f658d05}{169}" paraid="1758303828"><span xml:lang="EN-GB">But 2018 brought</span><span xml:lang="EN-GB"> several breakthroughs on this critical front. Recent elections ushered in new administrations in Hong Kong,</span><span xml:lang="EN-GB"> New Zealand</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> and Malaysia</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> all promising to cure their respective housing crises</span><span xml:lang="EN-GB"> as a top priority</span><span xml:lang="EN-GB">. </span> </p> <p paraeid="{fed141b5-1f33-4608-80d9-dd299f658d05}{193}" paraid="593067834"><span xml:lang="EN-GB">Innovative design and urban planning firms have cropped up across Asia, breathing new life into mass housing developments and </span><span xml:lang="EN-GB">putting sustainability front and </span><span xml:lang="EN-GB">centre</span><span xml:lang="EN-GB">. </span> </p> <p paraeid="{fed141b5-1f33-4608-80d9-dd299f658d05}{207}" paraid="971224038"><span xml:lang="EN-GB">Singapore</span><span xml:lang="EN-GB">’s public housing scheme, created in the 1960s, </span><span xml:lang="EN-GB">still shine</span><span xml:lang="EN-GB">s as the region’s gold standard</span><span xml:lang="EN-GB">. Today,</span> <span xml:lang="EN-GB">m</span><span xml:lang="EN-GB">ore than 90</span><span xml:lang="EN-GB"> percent</span><span xml:lang="EN-GB"> of the city-state’s </span><span xml:lang="EN-GB">5.6 million</span> <span xml:lang="EN-GB">residents </span><span xml:lang="EN-GB">are </span><span xml:lang="EN-GB">homeowners</span><span xml:lang="EN-GB">. While the Singapore model isn’t easily exportable, </span><span xml:lang="EN-GB">many of </span><span xml:lang="EN-GB">its </span><span xml:lang="EN-GB">neighbours</span> <span xml:lang="EN-GB">are finding their own unique solutions</span><span xml:lang="EN-GB">. </span> </p> <p paraeid="{fed141b5-1f33-4608-80d9-dd299f658d05}{255}" paraid="949502869"><span xml:lang="EN-GB">Malaysia </span><span xml:lang="EN-GB">suffers no shortage of innovative developers</span><span xml:lang="EN-GB">; with more land and lower costs than </span><span xml:lang="EN-GB">neighbouring</span><span xml:lang="EN-GB"> Singapore, the Southeast Asian nation seems to be enjoying a steady emergence from its years-long property malaise. </span> </p> <p paraeid="{fed141b5-1f33-4608-80d9-dd299f658d05}{255}" paraid="949502869"><a href="http://www.property-report.com/detail/-/blogs/better-together-making-the-most-of-mixed-use-developmen-4" target="_blank"><strong>More: Making the most of mixed-use developments</strong></a></p> <p paraeid="{17e113a2-d5eb-4931-9042-88f64f1a703c}{16}" paraid="84162373"><span xml:lang="EN-GB">Political headwinds may have helped. In May, Malaysian voters decisively ousted the administration of former Prime Minister Najib Razak</span><span xml:lang="EN-GB">, who was deeply embroiled in the 1MDB</span><span xml:lang="EN-GB"> embezzlement scandal. The new government of Mohammad Mahathir</span><span xml:lang="EN-GB">, who returned to power at the age of 93 on a promise of cleaning up corruption and shoring up investor confidence,</span><span xml:lang="EN-GB"> swiftly began a wholesale undoing of Naj</span><span xml:lang="EN-GB">ib’s policies</span><span xml:lang="EN-GB">.</span> </p> <p paraeid="{17e113a2-d5eb-4931-9042-88f64f1a703c}{34}" paraid="1965582510"><span xml:lang="EN-GB">Home-grown</span><span xml:lang="EN-GB"> firms were </span><span xml:lang="EN-GB">more than </span><span xml:lang="EN-GB">r</span><span xml:lang="EN-GB">eady for </span><span xml:lang="EN-GB">change</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> and have seized the opportunity</span><span xml:lang="EN-GB">. LBS Bina Group, based in Kuala Lumpur, </span><span xml:lang="EN-GB">is among the most prolific </span><span xml:lang="EN-GB">when it comes to creating </span><span xml:lang="EN-GB">large scale, community-oriented housing, launching</span> <span xml:lang="EN-GB">successful </span><span xml:lang="EN-GB">projects</span><span xml:lang="EN-GB"> in the Klang Valley, Johor</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> and K</span><span xml:lang="EN-GB">uala Selangor. </span> </p> <p paraeid="{17e113a2-d5eb-4931-9042-88f64f1a703c}{78}" paraid="193552742"><span xml:lang="EN-GB">LBS Bina swept this year’s Property Guru Asia Property Awards, recognized as Malaysia’s Best Developer and making off with a cache of othe</span><span xml:lang="EN-GB">r </span><span xml:lang="EN-GB">honours</span><span xml:lang="EN-GB"> for innovation in mass-</span><span xml:lang="EN-GB">market condominiums, corporate social responsibility</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> and sustainability. </span> </p> <p paraeid="{17e113a2-d5eb-4931-9042-88f64f1a703c}{98}" paraid="778241562"><span xml:lang="EN-GB">Having already gained a strong foothold, the firm now seeks to lead the way by l</span><span xml:lang="EN-GB">owering</span><span xml:lang="EN-GB"> construction costs through an </span><span xml:lang="EN-GB">industrialized building </span><span xml:lang="EN-GB">system</span><span xml:lang="EN-GB"> of pre-cast concrete</span><span xml:lang="EN-GB"> that reduce</span><span xml:lang="EN-GB">s</span><span xml:lang="EN-GB"> the need for </span><span xml:lang="EN-GB">labour</span><span xml:lang="EN-GB">. Ong Wei Ling, </span><span xml:lang="EN-GB">a spokesperson</span> <span xml:lang="EN-GB">for</span><span xml:lang="EN-GB"> LBS</span><span xml:lang="EN-GB"> Bina</span><span xml:lang="EN-GB">, says the method results in </span><span xml:lang="EN-GB">“cleaner, neater</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> and safer construction sites</span><span xml:lang="EN-GB">” completed in a fraction of the time, “</span><span xml:lang="EN-GB">helping developers deliver value to invest</span><span xml:lang="EN-GB">ors or buyer</span><span xml:lang="EN-GB">s awaiting their</span><span xml:lang="EN-GB"> dream home.”</span> </p> <p paraeid="{17e113a2-d5eb-4931-9042-88f64f1a703c}{152}" paraid="1795545625"><span xml:lang="EN-GB">Other firms such as UEM Sunrise Berhad, one of Malaysia’s largest developers, </span><span xml:lang="EN-GB">and OCR Berhad Group have been</span><span xml:lang="EN-GB"> among the most strident designers</span><span xml:lang="EN-GB"> of af</span><span xml:lang="EN-GB">fordable housing, the latter serving as project manager for the massive Yayasan Pahang development in Mukim Penor. Once completed, it is expected to create</span><span xml:lang="EN-GB"> roughly 25,000 units</span><span xml:lang="EN-GB">.</span></p> <p paraeid="{17e113a2-d5eb-4931-9042-88f64f1a703c}{152}" paraid="1795545625"><img alt="Citiesto by Kien A Corporation won Best Affordable Condo Development (Ho Chi Minh City) at this year’s Propertyguru Vietnam Property Awards" src="/documents/10204/0/Citiesto-by-KIEN-A-Corporation-for-web-151-compressor.jpg/e31235f8-535d-4ba9-bff8-7a3d7b04126e?t=1546244571355" /></p> <p paraeid="{17e113a2-d5eb-4931-9042-88f64f1a703c}{152}" paraid="1795545625"><span xml:lang="EN-GB">Smaller</span><span xml:lang="EN-GB"> than the U.S. state of Rhode Island, with nearly seven times the population</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> Hong Kong is home to about 7.4 million people crammed into 2,754 square kilomet</span><span xml:lang="EN-GB">r</span><span xml:lang="EN-GB">e</span><span xml:lang="EN-GB">s packed with high-rises divvied </span><span xml:lang="EN-GB">up </span><span xml:lang="EN-GB">into </span><span xml:lang="EN-GB">miniscule</span><span xml:lang="EN-GB"> units</span><span xml:lang="EN-GB">. Year after year, this semi-autonomous region of China is named </span><span xml:lang="EN-GB">one of the most expensive cities</span><span xml:lang="EN-GB"> in t</span><span xml:lang="EN-GB">he world, a vital</span><span xml:lang="EN-GB"> gateway between East and West</span><span xml:lang="EN-GB"> that costs an average of </span><span xml:lang="EN-GB">USD</span><span xml:lang="EN-GB">28,000 per square meter</span><span xml:lang="EN-GB">.</span> </p> <p paraeid="{17e113a2-d5eb-4931-9042-88f64f1a703c}{219}" paraid="1540188546"><span xml:lang="EN-GB">“</span><span xml:lang="EN-GB">The Hong Kong problem is quite unique</span><span xml:lang="EN-GB"> and is complicated by the fact that Hong Kong just doesn’t have enough land</span><span xml:lang="EN-GB">,” says David Ji, director and head of research and consultancy for g</span><span xml:lang="EN-GB">reater China</span><span xml:lang="EN-GB"> at Knight Frank. “T</span><span xml:lang="EN-GB">hey have to squeeze as much out of it a</span><span xml:lang="EN-GB">s they can.” This conundrum has put Hong Kong’s policymakers in the uncomfortable position of h</span><span xml:lang="EN-GB">aving to either create new land</span><span xml:lang="EN-GB">masses or convert old</span><span xml:lang="EN-GB">er</span><span xml:lang="EN-GB"> properties for new use. </span> </p> <p paraeid="{17e113a2-d5eb-4931-9042-88f64f1a703c}{219}" paraid="1540188546"><img alt="Topped by an exclusive rooftop garden, Star Polaris 23 by Borey Peng Huoth Group won Best Affordable Condo Development in Phnom Penh this year" src="/documents/10204/0/Star-Polaris-23-by-Borey-Peng-Huoth-Group-for-web-compressor.jpg/6ecefbf3-e21a-4c56-b225-1a0cc998322b?t=1546244589690" /></p> <p paraeid="{17e113a2-d5eb-4931-9042-88f64f1a703c}{247}" paraid="1477051360"><span xml:lang="EN-GB">Chief Executive Carrie Lam, who assumed the territor</span><span xml:lang="EN-GB">y’s highes</span><span xml:lang="EN-GB">t office in 2017, has said </span><span xml:lang="EN-GB">solving the city’s housing crisis </span><span xml:lang="EN-GB">is </span><span xml:lang="EN-GB">among </span><span xml:lang="EN-GB">her top priorities. </span><span xml:lang="EN-GB">While plans to build affordable hous</span><span xml:lang="EN-GB">ing on roughly 1,700 hectares of</span><span xml:lang="EN-GB"> artificial islands</span><span xml:lang="EN-GB">—</span><span xml:lang="EN-GB">a project called </span><em><span xml:lang="EN-GB">Lantau Tomorrow Vision</span><span xml:lang="EN-GB">—</span></em><span xml:lang="EN-GB">have come under criticism, she may have few viable alternatives to land reclamation. Property experts sa</span><span xml:lang="EN-GB">y Lam has made strides with </span><span xml:lang="EN-GB">long-term housing goals, but is bound to face opposition because she</span><span xml:lang="EN-GB"> has yet to come up with short-</span><span xml:lang="EN-GB">term solu</span><span xml:lang="EN-GB">tions to help the ma</span><span xml:lang="EN-GB">ny Hong Kongers who need homes now</span><span xml:lang="EN-GB">. </span> </p> <p paraeid="{ddf9bf7c-2a47-4c78-98d7-98eb596c7559}{42}" paraid="580463262"><span xml:lang="EN-GB">“</span><span xml:lang="EN-GB">A</span><span xml:lang="EN-GB"> comprehensive proposal has been tabled, which has never happened before</span><span xml:lang="EN-GB">, </span><span xml:lang="EN-GB">and </span><span xml:lang="EN-GB">a</span><span xml:lang="EN-GB">s a long-term pr</span><span xml:lang="EN-GB">oposal this is a positive step,” says </span><span xml:lang="EN-GB">Ji. </span><span xml:lang="EN-GB">“But</span><span xml:lang="EN-GB"> a</span><span xml:lang="EN-GB">ll these measures are </span><span xml:lang="EN-GB">planned fa</span><span xml:lang="EN-GB">r</span> <span xml:lang="EN-GB">in </span><span xml:lang="EN-GB">the future, we’re looking at </span><span xml:lang="EN-GB">five</span><span xml:lang="EN-GB"> to </span><span xml:lang="EN-GB">10 years down the line, and b</span><span xml:lang="EN-GB">uyers still find it difficult to get on the property ladder.</span><span xml:lang="EN-GB">”</span><span xml:lang="EN-GB"> While prices have risen for 20 consecutive months, Ji says he expects some relief by year’s end. </span> </p> <div class="pull-quotes-container">People are rethinking affordable housing—not as a burden that nobody wants to build, but trying to put affordable housing into private developers’ plans</div> <p paraeid="{ddf9bf7c-2a47-4c78-98d7-98eb596c7559}{92}" paraid="515678092"><span xml:lang="EN-GB">S</span><span xml:lang="EN-GB">everal government</span><span xml:lang="EN-GB">s</span><span xml:lang="EN-GB"> in the Asia-Pacific</span><span xml:lang="EN-GB"> have</span><span xml:lang="EN-GB"> also</span><span xml:lang="EN-GB"> mo</span><span xml:lang="EN-GB">ved to limit foreign ownership</span><span xml:lang="EN-GB">—</span><span xml:lang="EN-GB">due in part </span><span xml:lang="EN-GB">to concerns about Chinese expansionism</span><span xml:lang="EN-GB">—</span><span xml:lang="EN-GB">b</span><span xml:lang="EN-GB">ut experts say these policies are</span><span xml:lang="EN-GB"> misguided. </span><span xml:lang="EN-GB">New Zealand’s recent ban on foreign residential sales prompted the International Monetary Fund to warn that the policy was discriminatory. </span> </p> <p paraeid="{ddf9bf7c-2a47-4c78-98d7-98eb596c7559}{130}" paraid="2088562221"><span xml:lang="EN-GB">When Malaysian premier Ma</span><span xml:lang="EN-GB">hathir suggested curbing foreign</span><span xml:lang="EN-GB"> ownership of </span><span xml:lang="EN-GB">units in </span><span xml:lang="EN-GB">the </span><span xml:lang="EN-GB">USD</span><span xml:lang="EN-GB">100 billion</span><em><span xml:lang="EN-GB"> Forest City </span></em><span xml:lang="EN-GB">project, the idea sent a chill through the investment community. “</span><span xml:lang="EN-GB">Permitting foreign investors to buy new housing obvious</span><span xml:lang="EN-GB">ly increases demand for housing,” says Brendan Coates, a fellow at Melbourne-based think tank the Grattan Institute, “b</span><span xml:lang="EN-GB">ut supply also increases if foreign investors enable developers to build more housing than otherwise</span><span xml:lang="EN-GB">.” </span> </p> <p paraeid="{ddf9bf7c-2a47-4c78-98d7-98eb596c7559}{134}" paraid="1161917583"><span xml:lang="EN-GB">China’s own reform of land and financial policies are working to keep investors well within its borders. Outbound capital limits have led many Chinese to invest closer to home, while land use regulations have been altered to require a percentage of mixed-income housing on large scale property developments to meet growing demand. </span> </p> <p paraeid="{ddf9bf7c-2a47-4c78-98d7-98eb596c7559}{170}" paraid="1718922565"><span xml:lang="EN-GB">“</span><span xml:lang="EN-GB">I think in the greater C</span><span xml:lang="EN-GB">hina regi</span><span xml:lang="EN-GB">on, people are rethinking affordable</span><span xml:lang="EN-GB"> housing</span><span xml:lang="EN-GB">—</span><span xml:lang="EN-GB">not as a burden that nobody wants to</span><span xml:lang="EN-GB"> build, but trying to put affordable</span><span xml:lang="EN-GB"> housing into private </span><span xml:lang="EN-GB">developers’ plans,” </span><span xml:lang="EN-GB">says</span><span xml:lang="EN-GB"> Ji, of Knight Frank</span><span xml:lang="EN-GB">.</span> <span xml:lang="EN-GB">“</span><span xml:lang="EN-GB">The trend is changing from ‘whoever pays the highest price gets the land,’ to a more </span><span xml:lang="EN-GB">targeted, controlled use of property</span><span xml:lang="EN-GB">.</span><span xml:lang="EN-GB">”</span> </p> <p paraeid="{ddf9bf7c-2a47-4c78-98d7-98eb596c7559}{170}" paraid="1718922565"><em>This issue originally appeared in <a href="https://magzter.com/TH/PropertyGuru-International-(Thailand)-Co.,Ltd/Property-Report/Business/" target="_blank">Issue No. 151</a> of PropertyGuru Property Report Magazine</em></p>
<p><img alt="The lake at Celadon City, winner of multiple PropertyGuru Vietnam Property Awards this year, including Best Mixed Use Landscape Architectural Design" src="/documents/10204/0/Sustainability-year-end-special-151-for-web-compressor.jpg/f63c772c-a71a-4a89-bcde-b2cab331756b?t=1545891457562" style="width: 1000px; height: 667px;" /></p> <p>Ten years ago, sprawling conurbations like Saigon or Manila—notorious for their infrastructure and environmental challenges—weren’t obvious destinations for seeking out bastions of sustainability. Today, these cities are seeing the rise of world-class projects displaying green credentials, enticing middle-class apartment-seekers who are forming an increasingly sizeable tranche of society in Vietnam and the Philippines.</p> <p>By 2020, Vietnam’s average annual per capita income is predicted to almost double, from USD1,735 in 2016 to USD3,400. With its large population of citizens under 35 transitioning from a primarily rural economy to an urban one, Vietnam’s property market is proving a lucrative environment for developers, tenants, and both local and foreign buyers, with investors from China, South Korea, Singapore and Malaysia pumping huge sums into the building sector.</p> <p>In Ho Chi Minh City, two companies are paving the way for sustainable real estate. Gamuda Land, the property development arm of Malaysia’s leading engineering and construction group, started building its 82-hectare Celadon City in 2010, making it the first nature-inspired enclave within this traffic-choked megalopolis. </p> <p>Prioritising sustainable living from the outset, Gamuda introduced such innovations as a rain harvesting system that utilises energy-efficient water tanks to collect rainfall around the property and transfer water to irrigation areas. The integrated township in Tan Phu district, home to 7,300 apartments across four precincts that can accommodate 25,000 people, won the Best Mixed Use Landscape Architectural Design gong at the PropertyGuru Vietnam awards this year.</p> <p><a href="http://property-report.com/detail/-/blogs/can-green-buildings-turn-the-tide-in-climate-acti-10" target="_blank"><strong>More: Can green buildings turn the tide in climate action?</strong></a></p> <p>“Celadon City has more than 16 hectares dedicated to lush parklands [that afford] residents the privilege of enjoying nature,” says communications executive Tran Nam Phuong, adding that the Cultural Village, Central Park, the Celadon Sports & Resort Club, and other gathering places within the property offer a sense of community. It’s a concept that’s proven influential, as demand for green living spaces are increasing. </p> <p>A similar success story is Gamuda City, another landmark project in Southern Hanoi, which confronted the Yen So lake area’s chronic water pollution, garbage disposal, and sewage issues head on. Far beyond building a condo, the development effected the complete rehabilitation of a polluted suburban wasteland, leading to significant public health benefits.</p> <p>Making major inroads into HCMC’s sustainable building boom is CapitaLand Vietnam, whose luxurious, 102-room D1MENSION development in Cau Kho is the first boutique housing development in Saigon—one among CapitaLand’s 13 green estates in the city. Themed projects including De La Sol, D2eight, and d’Edge Thao Dien offer new condominium alternatives to young professionals.</p> <p>“CapitaLand remains committed to building a greener future for Vietnam,” says CEO Chen Lian Pang. “Lowering our environmental footprint creates value for our stakeholders. We incorporate environmental sustainability in all stages of a project, [from] design and construction to operations.” A key wealth creator in the country, the Singapore-headquartered company—which scooped 13 PropertyGuru Vietnam awards this year, including Best Developer, Best Condo, and Special Recognition for Sustainable Development—has built almost 5,000 apartments across six other cities, from Halong to Nha Trang.</p> <p><img alt="Winner of Best Green Development at this year’s Propertyguru Asia Property Awards (Sri Lanka), Clearpoint Residencies Rajagiriya come with self-sustaining gardens instead of ordinary balconies" src="/documents/10204/0/Clearpoint-Residencies%2C-Rajagiriya%2C-Sri-Lanka-by-Maga-Engineering-%28Pvt%29-Ltd-%26-Milroy-Perera-Associates-%28Pvt%29-Ltd.-won-Best-Green-Development-%282%29-compressor.jpg/98d681e9-5b00-41ed-9632-44756bcba7ae?t=1545891791227" /></p> <p>In Metro Manila—another densely populated Southeast Asian city with a burgeoning middle- and affluent class—Taguig-based ArthaLand is a home-grown leader in marrying sustainable credentials with cutting-edge architecture. The property arm of the Century Pacific group has carved a niche in the Philippine market by exclusively focusing on properties that adhere to global and national standards in green buildings.</p> <p>Being the only development in the Philippines to have received the coveted gold certification in the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) program, its flagship dual-towered Arya Residences in Bonifacio Global City is a milestone in the country for its design and eco-friendly features. Arya Residences’ construction naturally channels the breeze, its balconies and ledges lending natural shade into the units, adding meaningful outdoor space even as daylight reaches 75 percent into the indoors. Interiors are decorated using paints and resins with low volatile organic compound emissions, while built-in fixtures and appliances deploy advanced technology to reduce environmental impact and usage cost.</p> <p>Winning this year’s “Special Recognition in Sustainable Development” at the PropertyGuru Philippines Property Awards, ArthaLand emphasises human advantages. Arya Residences encourages its residents to live a more environmentally conscious, cost-efficient, and healthy lifestyle. Their advertising tagline, “Green is the new luxury”, is echoed by Raymond Rufino, chairman of the Philippine Green Building Council. “[Sustainability should be more than just achieving efficiency and cost-effectiveness for your property,” says Rufino. “The new frontier for green buildings is improving the health and wellbeing of the people who live, work and play [within your property]. This is a more powerful argument to support going green.”</p> <p>Angie de Villa-Lacson, ArthaLand president and CEO, stresses sustainable architecture has a ripple effect not just for residents, but the property sector at large. “Standardising green measures is a major step in encouraging developers to take sustainability seriously,” she says. “Greening should go beyond landscape and waste management. To fully reap the benefit of sustainability, developers should be able to measure the inputs and outputs of our buildings’ eco-friendly features.”</p> <div class="pull-quotes-container">There has never been a better time for investors to go green. And with developers around Asia adopting sustainable practices,the real estate scene in the region has rarely looked more mindful</div> <p>Further west, Sri Lanka is proving another sustainability powerhouse, largely due to Maga Engineering, the country’s largest construction company whose work covers healthcare, hospitality, transport, and water supply. As the builders of the world’s tallest vertical garden and the first LEED Platinum-rated clothing factory, Maga comes forearmed with impressive green credentials. Its Clearpoint Residencies in the Colombo suburb of Rajagiraya is its most forward-looking residential project to date.</p> <p>Clearpoint’s 171 apartments come with a self-sustaining garden instead of a balcony; its planted terraces and tree plantations absorb sound, boost oxygen levels, provide shade, and reduce heat. Other eco-boasts include cross-ventilated apartments, solar panels, and an automated drip-irrigation system that keeps terraces watered. </p> <p>“Each apartment functions as its own microhabitat, creating a synergy between occupants and their environment,” says sustainability director Mega Kularatne, pointing out that while Clearpoint demonstrably occupies the high-end housing category, innovations inside and outside the building—including waste water recycling which reduces main water usage by 45 percent—actually serve to reduce homeowners’ maintenance costs.</p> <p>With the future of the planet a pressing concern, there has never been a better time for investors to go green. And with developers around Asia adopting more sustainable practices, the real estate scene in the region has rarely looked more mindful.</p> <p><em>This article originally appeared in <a href="https://www.magzter.com/TH/PropertyGuru-International-(Thailand)-Co.,Ltd/Property-Report/Business/" target="_blank">Issue No. 151</a> of PropertyGuru Property Report Magazine </em></p>
<p><img alt="M+S Pte Ltd took home a multitude of awards at the South east Asia Property Awards (Singapore) 2016, including Best Mixed-Use Development for the sprawling Marina One Project" src="/documents/10204/0/MIXED-USE-YEAR-END-SPECIAL-FOR-WEB-compressor.jpg/db78649c-3ab0-45c5-ba02-a715c4bc87a7?t=1545888548740" style="width: 1010px; height: 667px;" />From Singapore to Ho Chi Minh City, Southeast Asian developers are seeing the benefits of <span xml:lang="EN-GB">mingling </span><span xml:lang="EN-GB">business with pleasure. Self-contained communities that offer residences, retail, offices, and green space</span><span xml:lang="EN-GB">s</span> <span xml:lang="EN-GB">are emerging </span><span xml:lang="EN-GB">as the new development paradigm across a region where old ideas of city zoning are being eroded by vertical mixed-use mega-projects. </span> </p> <p paraeid="{5f28e09d-a2dc-479f-ac54-e542f6f93343}{140}" paraid="1469202658"><span xml:lang="EN-GB">Singapore’s newly opened Marina One residential and office development has added a tropical, green heart to the CBD in the form of a 65,000-square-foot garden designed in collaboration between Ingenhoven Architects and landscape specialists ICN Design. </span> </p> <p paraeid="{5f28e09d-a2dc-479f-ac54-e542f6f93343}{150}" paraid="1696394645"><span xml:lang="EN-GB">Jakarta’s District 8, a development of 11 towers across 4.8 hectares of the Sudirman Central Business District, has also reached completion. Developed by the Agung Sedayu Group, it brings residences and a public park right into the heart of South Jakarta’s financial zone.</span> </p> <p paraeid="{5f28e09d-a2dc-479f-ac54-e542f6f93343}{160}" paraid="1171535369"><span xml:lang="EN-GB">In Bangkok, TCC Group’s One Bangkok (in partnership with Golden Land and Frasers Property Limited) is a US</span><span xml:lang="EN-GB">D</span><span xml:lang="EN-GB">3.5 billion development that covers an area one third the size of the adjacent Lumphini Park and encompasses living and work space for 60,000 people, including residential buildings, office towers, retail zones</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> and publicly accessible parks and green spaces. </span> </p> <p paraeid="{5f28e09d-a2dc-479f-ac54-e542f6f93343}{178}" paraid="1415884685"><span xml:lang="EN-GB">“Vertical communities often deal with the high density mandated for many Asian city centres,” says Ping Jiang, the design principal at EID architecture. His firm designed</span><span xml:lang="EN-GB"> the</span><span xml:lang="EN-GB"> 320-metre-tall OCT XI'AN International </span><span xml:lang="EN-GB">Centre</span><span xml:lang="EN-GB"> (OXIC) in </span><span xml:lang="EN-GB">Xi’an</span><span xml:lang="EN-GB">, China, where parks, piazza-style common areas</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> and even terrace streets are positioned over multiple </span><span xml:lang="EN-GB">storeys </span><span xml:lang="EN-GB">of two skyscrapers. </span> </p> <p paraeid="{5f28e09d-a2dc-479f-ac54-e542f6f93343}{178}" paraid="1415884685"><a href="http://property-report.com/detail/-/blogs/amid-urban-sprawl-and-overpopulation-indonesia-turns-to-model-mixed-use-complex-5" target="_blank"><strong>More: Amid urban sprawl, Indonesia turns to model mixed-use complexes</strong></a></p> <p paraeid="{5f28e09d-a2dc-479f-ac54-e542f6f93343}{208}" paraid="711676717"><span xml:lang="EN-GB">In contrast to sprawling development, </span><span xml:lang="EN-GB">Jiang points out, “</span><span xml:lang="EN-GB">vertical communities create synergy between different uses and foster dynamic neighbourhoods. By integrating business, leisure, retail</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> and residential space</span><span xml:lang="EN-GB">s</span><span xml:lang="EN-GB">, the design of a vertical community is </span><span xml:lang="EN-GB">strategically organised to create a vibrant, permeable urban destination to live, work</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> and visit.” </span> </p> <p paraeid="{5f28e09d-a2dc-479f-ac54-e542f6f93343}{236}" paraid="1336523006"><span xml:lang="EN-GB">Analysts </span><span xml:lang="EN-GB">at JLL real-estate services predict </span><span xml:lang="EN-GB">vertical living solutions </span><span xml:lang="EN-GB">will dominate the Asian market. “As cities become more developed</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> and densities become higher, it makes sense to build more mixed-use developments,” says Regina Lim, head of capital markets research, Southeast Asia. </span> </p> <p paraeid="{8d1e62a5-d032-4df1-8f7b-8a9294efb921}{1}" paraid="713210351"><span xml:lang="EN-GB">“Mixed-use developments bring together complementary uses,” she continues. “Retail shops benefit from the natural catchment of offices or hotels or apartments while the residents and workers enjoy the convenience. As maintenance management schemes become more sophisticated, they allow effective property management of these integrated projects. Apartments with these amenities sell well.”</span> </p> <p paraeid="{8d1e62a5-d032-4df1-8f7b-8a9294efb921}{11}" paraid="528223259"><span xml:lang="EN-GB">But not all trends in Asian mixed-use are vertical. Throughout the Philippines, developers continue to favour township-style projects, for which huge land footprints provide fertile ground to design integrated communities from the ground up. </span> </p> <p paraeid="{8d1e62a5-d032-4df1-8f7b-8a9294efb921}{21}" paraid="209441643"><span xml:lang="EN-GB">Megaworld Corporation has long been at the forefront of building from scratch new towns whose components stretch from serviced condominiums and rows of townhouses to malls, leisure facilities</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> and shopping districts. </span> </p> <p paraeid="{8d1e62a5-d032-4df1-8f7b-8a9294efb921}{21}" paraid="209441643"><img alt="A view of Le Quest, winner of Best Mixed Use Development at the PropertyGuru Asia Property Awards (Singapore) 2018" src="/documents/10204/0/Le-Quest-compressor+2.jpg/8c40fe6e-596e-48e9-b638-7300655f2415?t=1545889041719" /></p> <p paraeid="{8d1e62a5-d032-4df1-8f7b-8a9294efb921}{35}" paraid="773393810"><span xml:lang="EN-GB">This year alone, Megaworld has announced new residential and commercial developments for its townships in Manila, Pampanga, Pasig City</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> and Bacolod City, while also rolling out a </span><span xml:lang="EN-GB">“smart township” initiative </span><span xml:lang="EN-GB">to future-proof its existing townships. </span> </p> <p paraeid="{8d1e62a5-d032-4df1-8f7b-8a9294efb921}{53}" paraid="26562931"><span xml:lang="EN-GB">Starting with Davao Park District, the “iTownship” programme will see the 11-hectare development fitted with </span><span xml:lang="EN-GB">fibre</span><span xml:lang="EN-GB"> optic infrastructure, bike lanes and rental systems, LED-powered lighting and signage, solar-powered street lamps</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> and vertical open spaces and gardens.</span> </p> <p paraeid="{8d1e62a5-d032-4df1-8f7b-8a9294efb921}{71}" paraid="1402613072"><span xml:lang="EN-GB">While townships have traditionally been confined to </span><span xml:lang="EN-GB">once rural areas, UAA Kinming Group’s New Manila Bay – City of Pearl is being developed on a huge tract of reclaimed land along Manila’s shoreline. Projected to open in 2024, City of Pearl broke ground in August 2017 and, when completed, will </span><span xml:lang="EN-GB">take up 407 hectares of reclaimed land and connect directly to Roxas Boulevard, a major thoroughfare</span><span xml:lang="EN-GB">. </span> </p> <p paraeid="{8d1e62a5-d032-4df1-8f7b-8a9294efb921}{87}" paraid="2117479747"><span xml:lang="EN-GB">For comparison, Thailand’s under-construction One Bangkok mixed-use project—itself a huge project for a capital city cent</span><span xml:lang="EN-GB">r</span><span xml:lang="EN-GB">e</span><span xml:lang="EN-GB">—covers just 18 hectares.</span> <span xml:lang="EN-GB">“There are many townships in Asia</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> but those townships are in the middle of nowhere,” says Nicholas Ho, deputy managing director of Ho & Partners Architects, the Hong Kong-based lead designer of the project. “This township is extremely prime in terms of its location</span><span xml:lang="EN-GB">—it’s </span><span xml:lang="EN-GB">right smack in the middle of town, with 360-degree</span><span xml:lang="EN-GB"> views.”</span> </p> <p paraeid="{8d1e62a5-d032-4df1-8f7b-8a9294efb921}{117}" paraid="181183912"><span xml:lang="EN-GB">Ho reveals that </span><span xml:lang="EN-GB">retail, in the form of </span><span xml:lang="EN-GB">a three-kilometre riverfront shopping strip</span><span xml:lang="EN-GB">, </span><span xml:lang="EN-GB">is not “just </span><span xml:lang="EN-GB">a mall</span><span xml:lang="EN-GB">”</span> <span xml:lang="EN-GB">but </span><span xml:lang="EN-GB">engage</span><span xml:lang="EN-GB">s</span><span xml:lang="EN-GB"> with the central park and </span><span xml:lang="EN-GB">the riverside, </span><span xml:lang="EN-GB">“</span><span xml:lang="EN-GB">so that it becomes a thematic integrated entertainment complex.”</span> </p> <p paraeid="{8d1e62a5-d032-4df1-8f7b-8a9294efb921}{155}" paraid="1088474643"><span xml:lang="EN-GB">Similarly</span><span xml:lang="EN-GB"> in Vietnam, Ho Chi Minh City’s Thu Thiem New Urban Area will cover a vast 657-hectare site across </span><span xml:lang="EN-GB">the Saigon River</span><span xml:lang="EN-GB"> from the central District 1</span><span xml:lang="EN-GB">. Touted as the capital’s new financial zone, it will not only encompass office towers for some 217,000 employees</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> but also enough residential units for a population of 145,000. </span> </p> <p paraeid="{8d1e62a5-d032-4df1-8f7b-8a9294efb921}{177}" paraid="1567294338"><span xml:lang="EN-GB">It’s not only in urban areas, however, where ambitious mixed-use projects are breaking the mould. </span><span xml:lang="EN-GB">On</span><span xml:lang="EN-GB"> the tree-lined shores of Phuket’s Kamala Beach, the US</span><span xml:lang="EN-GB">D</span><span xml:lang="EN-GB">67.5 million luxury MontAzure development </span><span xml:lang="EN-GB">comprise</span><span xml:lang="EN-GB">s</span><span xml:lang="EN-GB"> hotel-managed condos, a lifestyle mall, a 200-room InterContinental Hotel, and Cafe del Mar, which is already part of the development's unique beachfront attractions. </span> </p> <div class="pull-quotes-container">We are spoiled by the compactness of urbanisation, a precursor of mixed-use design. Urbanisation has happened on a global scale and it’s all because we crave connectivity</div> <p paraeid="{8d1e62a5-d032-4df1-8f7b-8a9294efb921}{201}" paraid="1499700467"><span xml:lang="EN-GB">“</span><span xml:lang="EN-GB">Developers are realising that if they build a core concept</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> it adds value to the project, rather than simply selling parcels of land,</span><span xml:lang="EN-GB">”</span><span xml:lang="EN-GB"> says Martin Palleros, founder and director of Tierra Design and the architect behind The Residences at MontAzure. </span><span xml:lang="EN-GB">“</span><span xml:lang="EN-GB">It</span><span xml:lang="EN-GB">’</span><span xml:lang="EN-GB">s all about what you can offer the community, and not just in terms of the property components,</span><span xml:lang="EN-GB">”</span><span xml:lang="EN-GB"> he adds. </span> </p> <p paraeid="{8d1e62a5-d032-4df1-8f7b-8a9294efb921}{233}" paraid="1823988430"><span xml:lang="EN-GB">Nicholas Ho believes that driving Asia’s demand for </span><span xml:lang="EN-GB">such </span><span xml:lang="EN-GB">integrated </span><span xml:lang="EN-GB">developments is an urge to feel connected. “In Asian society, people crave for connectivity a lot more than the rest of the world,” he explains. “We are spoiled by the compactness of urbanisation, a precursor of mixed-use design. Urbanisation has happened on a global scale and it’s all because we crave connectivity.”</span> </p> <p paraeid="{8d1e62a5-d032-4df1-8f7b-8a9294efb921}{249}" paraid="959895416"><span xml:lang="EN-GB">Successful mixed-use schemes have the capacity to create diverse, vibrant neighbo</span><span xml:lang="EN-GB">u</span><span xml:lang="EN-GB">rhoods in which people can live, work</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> and socialize. They bring round-the-clock life to central business districts. They provide private land parcels with pedestrian-friendly solutions and interlink disparate downtown neighbo</span><span xml:lang="EN-GB">u</span><span xml:lang="EN-GB">rhoods. </span> </p> <p paraeid="{95a19f8e-4dcf-4edc-b202-d6ced56457f7}{16}" paraid="1522991961"><span xml:lang="EN-GB">Ho predicts </span><span xml:lang="EN-GB">this integrated, community-driven approach to development will gradually become the new normal. </span><span xml:lang="EN-GB">“</span><span xml:lang="EN-GB">The future of mixed</span><span xml:lang="EN-GB">-</span><span xml:lang="EN-GB">use is going to shift the existing paradigm,” he says. “We will gradually move from the two extremes of urbanisation, urban and suburban, towards one. The walls of living and work spaces are coming down.”</span> </p> <p paraeid="{95a19f8e-4dcf-4edc-b202-d6ced56457f7}{16}" paraid="1522991961"><em>This article originally appeared in <a href="https://www.magzter.com/TH/PropertyGuru-International-(Thailand)-Co.,Ltd/Property-Report/Business/" target="_blank">Issue No. 151</a> of PropertyGuru Property Report Magazine</em></p>
STAY INFORMED
Get the best luxury Asian real estate stories of the week in your inbox
Latest From Property Report
<p><img alt="Pig-shaped sculpture lights up Circular Quay in Sydney for 2019 Chinese New Year celebrations. katacarix/Shutterstock" src="/documents/10204/0/shutterstock_1308256876-compressor.jpg/f17152c6-f162-4b3e-ad62-bbe900adc591?t=1550487023476" style="width: 1000px; height: 666px;" />Chinese investment in Australian real estate stood at AUD12.7 billion (USD9 billion) in 2017-18, down 17 percent from the AUD15.3 billion recorded in the previous year, data from Australia's latest annual Foreign Investment Review Board report showed. </p> <p>That still leaves China accounting for one out of every four dollars of foreign real estate investment in the country, pointed out leading Chinese property portal <a href="http://Juwai.com" target="_blank">Juwai.com</a>.</p> <p>“While Chinese demand for residential real estate has fallen, China still accounts for a majority of residential real estate approvals,” said Carrie Law, CEO and Director of Juwai.com, also known as the international real estate partner to Chinese online giant Tencent.</p> <p>“Chinese buying in 2017-18 was most impacted by three factors: the unexpected canceling of promised mortgage loans by Australian banks, higher foreign stamp duty taxes, and capital controls making it more difficult to move money from China,” she added. </p> <p>After the US, China was the second largest source of foreign investment capital across all sectors in Australia. China plowed AUD23.7 billion in investment during the 2017–18 period, down from AUD38.9 billion in 2016–17.</p> <p><a href="http://www.property-report.com/detail/-/blogs/what-we-can-learn-from-smart-cities-in-ap-2" target="_blank"><strong>More: Smart cities in Asia Pacific and their challenges</strong></a></p> <p>Approved investments across all sectors in Australia from the US hit AUD36.5 billion in 2017-18.</p> <p>Real estate constituted the second biggest investment sector in Australia. The sector accounted for 32 percent of all foreign investment, second only to services that took 39 percent and above mining (minerals) that comprised 10 percent.</p> <p>Victoria received 46 percent or majority of approved residential real estate investments, trumping New South Wales with 23 percent and Queensland with 17 percent.</p> <p>"Barring significant changes in the economic or policy environment, we believe Chinese buyer growth in 2019 will be flat and this group will continue to account for the largest share of all foreign buyer purchases, or about 22 percent of all foreign buying," Law said. </p>
<p><img alt="The Khalifa International Stadium, a major venue of the 2022 FIFA World Cup, and Aspire Tower in Doha, Qatar. Fitria Ramli/Shutterstock" src="/documents/10204/0/shutterstock_1311838184-compressor.jpg/a6c74610-796d-4d35-b1b6-156913933ed7?t=1550486066467" style="width: 977px; height: 667px;" />The shunned Arab country is likely to be inundated with residential and commercial projects in anticipation of the 2022 football tournaments despite dampened demand from overseas investors and locals, market observers tell <a href="https://www.reuters.com/article/us-qatar-real-estate-analysis/qatars-real-estate-market-faces-reality-check-ahead-of-world-cup-idUSKCN1Q4174?il=0" target="_blank">Reuters</a>. </p> <p>“It’ll be interesting to see what happens when they (real estate prices) are really put under pressure in a year’s time, when a lot of new supply hits the market,” Johnny Archer, associate director of Doha-based real estate firm DTZ, told Reuters.</p> <p>Qatar mulls an increase in residential space by about 50 percent and office space by 40 percent in the next three years ahead of the World Cup, a DTZ report indicated.</p> <p>But even as Qatar looks forward to the future, the country is still reeling from punitive trade and economic measures meted out by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt on charges that Doha supports Islamic fundamentalists.</p> <p><a href="http://www.property-report.com/detail/-/blogs/qatari-property-investors-lured-by-philippines-tourist-bo-2" target="_blank"><strong>More: The Philippines' tourist boom is boon for Qatari property investors</strong></a></p> <p>Home prices have been down around 10 percent from the beginning of the blockade in 2017. “Qatar’s property sector has been one of the main casualties from the blockade that was imposed in mid-2017,” Jason Tuvey, an economist at Capital Economics, told Reuters.</p> <p>Qatar’s tainted international standing has put off foreign investors, a shortfall the government has attempted to offset with the loosening of investment laws last month, allowing foreigners full ownership of companies.</p> <p>Property analysts are worried the government has no long-term plans for the infrastructure developments gazetted for the World Cup beyond 2022.</p> <p>“There’s too much uncertainty as to where that demand specifically is going to come from,” Richard Rayner, who surveys property for DTZ, told Reuters.</p>
<p><img alt="Construction worker in an underground section of Jakarta's upcoming MRT system. Herdik Herlambang/Shutterstock" src="/documents/10204/0/shutterstock_632477417-compressor.jpg/50697679-5682-45ae-acb5-797501025ebb?t=1550484543416" style="width: 1000px; height: 667px;" />Jakarta’s highly awaited Mass Rapid Transit (MRT) system is set to begin running in March, extending a palliative to the Indonesian capital’s remarkable traffic gridlocks and paving the way for more transit-oriented developments.</p> <p>Fourteen Japanese-assembled trains will initially ply the 15.7-kilometre MRT network stretching between the Lebak Bulus residential area in South Jakarta and the Hotel Indonesia roundabout in the CBD.</p> <p>The MRT will connect with the airport rail link and, eventually, the proposed Light Rail Transit (LRT) system. </p> <p>“This is the moment to change Jakarta. This is the moment to make Jakarta better and free from traffic jams,” Jakarta MRT director William Sabandar told <a href="https://www.channelnewsasia.com/news/asia/jakarta-new-mrt-to-save-indonesia-city-traffic-congestion-11185282" target="_blank">Channel NewsAsia</a>.</p> <p><a href="http://www.property-report.com/detail/-/blogs/transformative-real-estate-shines-at-the-biggest-propertyguru-indonesia-property-awards-gala-event-y-6" target="_blank"><strong>More: Transformative real estate shines at 2018 PropertyGuru Indonesia Property Awards</strong></a></p> <p>The trains are expected to run at speeds of 80 to 100 kilometres an hour, cutting conventional travel times between the two points by an hour. Road travel along the route often take around 90 minutes.</p> <p>Market observers have praised the upcoming completion of the project, widely expected to close the property price gap between various points of the metropolis. “The real estate sector, particularly those areas along the new MRT lines and in close proximity to stations, is also expected to be a major beneficiary, with land prices already having risen significantly since construction of the MRT line began,” CBRE stated in a report.</p> <p>“We are cautiously optimistic on the year ahead and, on a personal note, I am very hopeful on the positive impact the MRT and LRT will have on Jakarta’s infamous traffic congestion,” said James Taylor, head of research for JLL Indonesia, in a press statement. </p>
READ NEXT
<p><img alt="Stormy skies over the Victoria Harbour skyline in Hong Kong SAR. Efired/Shutterstock" src="/documents/10204/0/shutterstock_289373162-compressor.jpg/fbfae443-42c2-4256-be79-de095ca9c241?t=1550224126379" style="width: 953px; height: 667px;" />Prime prices worldwide are succumbing to the downward pressures of property market regulations, rising finance costs, geopolitical uncertainty, and a high volume of new prime supply, according to Knight Frank’s Global Outlook 2019 report.</p> <p>The consultancy’s Prime Global Cities Index, which tracks prime prices across 43 cities worldwide, is posting its slowest positive growth rate since 2012.</p> <p>Of 15 key cities tracked by the index, the cities of Hong Kong and Mumbai will lead the slowdown with prime home prices forecast to drop by 10 percent and 5 percent, respectively, in the year to December 2019. Dubai is also expected to see prime home prices drop by 2.4 percent.</p> <p>Conversely, Madrid, Berlin and Paris is leading pricing forecasts, with a growth of 6 percent posited over the period. Prices in Singapore and New York City are meanwhile expected to hold steady from last year’s prices.</p> <p><a href="http://property-report.com/detail/-/blogs/thailand-s-hi-so-crowd-keeps-paying-for-ultra-luxury-hom-7" target="_blank"><strong>More: Thailand’s 'hi-so' crowd keeps paying for ultra-luxury homes</strong></a></p> <p>“Luxury house prices are now a distinct asset class, a safe asset viewed by the wealthy as a viable alternative to government bonds. However, luxury housing has become more homogenised over the last decade which has led to greater synchronicity when it comes to market cycles,” Knight Frank analysts wrote.</p> <p>“Local policy interventions and economic shifts have the capacity to disrupt these ties but broader macro themes from the rising cost of finance to wealth creation, not to mention the desire to have a foothold in some of the world’s most transparent and prestigious neighbourhoods, will keep them in check.”</p> <p>As recipients of new macro-prudential measures in 2018, markets like Hong Kong, Singapore, Vancouver and New Zealand are expected to slip down the rankings, the consultancy added.</p>
<p><img alt="Chengdu will be one of the 10 new megacities in the world by 2030. Nate Hovee/Shutterstock" src="/documents/10204/0/shutterstock_1033192045-compressor.jpg/2fa4876f-d286-42a8-8262-1b942b440a58?t=1549529792995" style="width: 1000px; height: 667px;" />Twenty-two of the 33 cities that are home to more than 10 million are in Asia and Africa, and nine more from these continents will join them by 2030, reported the World Economic Forum, citing UN data.</p> <p>The cities of Seoul, Ho Chi Minh City, Chengdu, Nanjing, Hyderabad, Ahmedabad, and Tehran will rank among the 10 cities that the UN predicts will break the 10-million mark, UN data showed.</p> <p>In Africa, Luanda and Dar es Salaam, which is growing by half a million people a year, will have crossed the 10-million mark by 2030.</p> <p>“The rise in the number of megacities is the most visible evidence of the accelerating global trend towards urbanisation,” WEF’s Alex Thornton wrote.</p> <p><a href="http://www.property-report.com/detail/-/blogs/home-price-rises-are-fast-outstripping-income-growth-in-these-eight-citi-1" target="_blank"><strong>More: Home prices outpace income growth in these eight cities</strong></a></p> <p>“Today, 55 percent of us live in urban areas – that’s 4.2 billion city-slickers. In another generation, that proportion is set to grow to 68 percent, potentially adding another 2.5 billion people to already crowded cities."</p> <p>Delhi is due to overtake Tokyo as the world’s most populous city by 2028 — 39 million people by 2030. India will see the biggest urbanisation growth among countries, with 416 million new urban dwellers by 2050.</p> <p>London will be the only place outside Asia and Africa predicted to achieve megacity status by 2030, ending a period of population decline from the second half of the 20th century.</p>
MORE FROM : NOT FOUND MORE FROM Rest of Asia | Life & Style |
<p><img alt="The Khalifa International Stadium, a major venue of the 2022 FIFA World Cup, and Aspire Tower in Doha, Qatar. Fitria Ramli/Shutterstock" src="/documents/10204/0/shutterstock_1311838184-compressor.jpg/a6c74610-796d-4d35-b1b6-156913933ed7?t=1550486066467" style="width: 977px; height: 667px;" />The shunned Arab country is likely to be inundated with residential and commercial projects in anticipation of the 2022 football tournaments despite dampened demand from overseas investors and locals, market observers tell <a href="https://www.reuters.com/article/us-qatar-real-estate-analysis/qatars-real-estate-market-faces-reality-check-ahead-of-world-cup-idUSKCN1Q4174?il=0" target="_blank">Reuters</a>. </p> <p>“It’ll be interesting to see what happens when they (real estate prices) are really put under pressure in a year’s time, when a lot of new supply hits the market,” Johnny Archer, associate director of Doha-based real estate firm DTZ, told Reuters.</p> <p>Qatar mulls an increase in residential space by about 50 percent and office space by 40 percent in the next three years ahead of the World Cup, a DTZ report indicated.</p> <p>But even as Qatar looks forward to the future, the country is still reeling from punitive trade and economic measures meted out by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt on charges that Doha supports Islamic fundamentalists.</p> <p><a href="http://www.property-report.com/detail/-/blogs/qatari-property-investors-lured-by-philippines-tourist-bo-2" target="_blank"><strong>More: The Philippines' tourist boom is boon for Qatari property investors</strong></a></p> <p>Home prices have been down around 10 percent from the beginning of the blockade in 2017. “Qatar’s property sector has been one of the main casualties from the blockade that was imposed in mid-2017,” Jason Tuvey, an economist at Capital Economics, told Reuters.</p> <p>Qatar’s tainted international standing has put off foreign investors, a shortfall the government has attempted to offset with the loosening of investment laws last month, allowing foreigners full ownership of companies.</p> <p>Property analysts are worried the government has no long-term plans for the infrastructure developments gazetted for the World Cup beyond 2022.</p> <p>“There’s too much uncertainty as to where that demand specifically is going to come from,” Richard Rayner, who surveys property for DTZ, told Reuters.</p>
<p><img alt="Dubai during a sandstorm. Alex_Ugalek/Shutterstock" src="/documents/10204/0/shutterstock_1076990216-compressor.jpg/f1420fba-5152-4edf-a0d7-5cac66b54119?t=1549959386727" style="width: 1000px; height: 667px;" />Over 28,500 residential units are set for delivery in Dubai by the end of 2019, with most homes falling under the affordable to mid-market segment and located in the emirate’s outer areas, consultancy Core reported via Khaleej Times.</p> <p>Although the pace of price softening has relatively slowed, Core expects a lag in sales and rental price recovery as existing, unoccupied stock, along with future supply over the next couple of years, is expected to outpace steady demand, said Edward Macura, partner at Core.</p> <p>"That said, the market is highly occupier-friendly due to the wide variety of options now available at very competitive prices with higher levels of flexibility offered by both developers in new launches and landlords in the rental market."</p> <p><a href="http://www.property-report.com/detail/-/blogs/investor-confidence-to-return-to-uae-in-20-6" target="_blank"><strong>More: Investor confidence to return to UAE in 2019</strong></a></p> <p>Around 81 percent of the handovers will be apartments, while 19 percent will comprise villas. Units located in Dubailand and Jumeirah Village Circle and Triangle are to comprise a third of all deliveries.</p> <p>Off-plan transaction volumes slumped by 30 percent in the year to 2018, partly due to fewer off-plan launches last year compared to the previous year.</p> <p>“Secondly, developers prefer to sell inventories closer to the actual date of delivery to gain higher traction from both investors and end-users alike," Macura explained.</p> <p>Secondary market sales, both composed of cash and mortgage sales, saw a 9 percent spike last year though, reflecting an end-user market.</p>
<p><img alt="Harvepino/Shutterstock" src="/documents/10204/0/shutterstock_1276587859-compressor+%281%29.jpg/129854b8-38ad-47e9-919e-9eb77a4ce1c6?t=1549422715584" style="width: 1000px; height: 667px;" />Malaysia is more than just Kuala Lumpur, Johor or Penang.</p> <p>With <a href="http://property-report.com/detail/-/blogs/call-for-nominations-to-2019-propertyguru-asia-property-awards-malaysia-launch-3" target="_blank">more visibility being given the impressive residential developments</a> outside the big cities, the markets of Kota Kinabalu and Ipoh, as well as the state of Melaka, are catching the attention of investors as the overall real estate sector continues to readjust and pick up the pace.</p> <p>Find out why these three emerging property markets are sure to make an impact on consumers and investors alike:</p> <h4>1. Kota Kinabalu</h4> <p><img alt="Kota Kinabalu, Sabah. Yusnizam Yusof/Shutterstock" src="/documents/10204/0/shutterstock_778782127-compressor.jpg/f1d5cbdc-c49f-4c01-a876-2a169bef5179?t=1549423132126" /></p> <p>Along with the bustling areas of Greater Kuala Lumpur and Penang, Kota Kinabalu will see three- to four-fold gains over the next decade, according to Daniele Gambero, CEO of REI Group of Companies.</p> <p>A longtime member of the PropertyGuru Asia Property Awards (Malaysia) judging panel, Gambero adds, “Capital gains, looked at as a long-term game, say five to seven years, is still showing a good potential to increase.”</p> <p>The capital of Malaysia’s Sabah state is currently enjoying continued growth in the tourism and hospitality sector. As of September 2018, Sabah recorded 2.87 million in visitor arrivals, up 5.1 percent year-on-year, with a total of 203 international direct flights into Kota Kinabalu International Airport (KKIA) weekly. Sabah is expected to rack up MYR8 billion (USD1.9 billion) in total tourism receipts for 2018, according to figures from the state tourism ministry.</p> <p>Following a review of projects gazetted by the previous administration, the Pakatan Harapan government has reportedly committed to the long-awaited Pan Borneo Highway project, widely seen as a catalyst for connectivity to and from Kota Kinabalu. A rent-to-own (RTO) programme could also be in the offing for the affordable housing segment, giving low-income tenants the option to buy before the lease expiry at a predetermined price.</p> <p><a href="http://property-report.com/detail/-/blogs/5-reasons-why-investors-still-bet-on-malaysian-proper-3" target="_blank"><strong>More: 5 reasons why investors still bet on Malaysian property</strong></a></p> <h4>2. Ipoh</h4> <p><img alt="Ipoh, Perak. Awan Media/Shutterstock" src="/documents/10204/0/shutterstock_1055928206-compressor.jpg/f34cb3fb-c8b9-4455-a0fa-9965fa81f621?t=1549423206000" /></p> <p>The “town that tin built” in the state of Perak continues to be a preferred destination for international-standard retirement villages. With a backdrop of limestone karst mountains, Ipoh is well positioned to be a catchment area for senior housing. This bodes well for developers in Ipoh, since one in 10 Malaysians will age 60 years or older in the next three years, growing to one in five by 2040.</p> <p>Energised by the provisions of Budget 2019, the government has set aside MYR71.7 million for the construction of low and medium-cost and affordable housing in Perak. State agencies have been tasked to allocate 50,000 residential units for the B40, the lowest-earning income group in Malaysia, in five years.</p> <p>The state government also signed this month an agreement with private developers to build affordable homes in the state, with an eye toward building some 2,000 homes in three years for the B40.</p> <p>In tandem with the Planning Department (PLANMalaysia), the city council is mulling a plan to turn Ipoh into a sustainable and liveable metropolis by 2035. The plan, to be formulated next year, will replace the Ipoh Local Plan 2020.</p> <p><a href="http://property-report.com/detail/-/blogs/mahathir-mohamad-s-crucial-role-in-achieving-affordable-housing-for-malaysia-7" target="_blank"><strong>More: Mahathir Mohamad’s crucial role in affordable housing for Malaysians</strong></a></p> <h4>3. Melaka</h4> <p><img alt="River cruise in Melaka. shun2u/Shutterstock" src="/documents/10204/0/shutterstock_1167941077-compressor.jpg/dfd4b875-a3f7-4585-bd37-44786739aa95?t=1549423277000" /></p> <p>Melaka is proving to be one to watch, according to Tang Chee Meng, chief operating officer at Henry Butcher Real Estate Sdn Bhd, who spoke with Property Report in 2018.</p> <p>“The more active residential markets continue to be Kuala Lumpur, Selangor, Penang and Johor whilst Melaka is beginning to attract foreign interest with the entry of Chinese investments in the state’s infrastructure and development scene,” he said.</p> <p>One of the most transformative projects for the state, the 246.4-hectare Melaka Gateway, will entail the formation of three artificial islands in the Straits of Malacca. The project, with a reported price tag of MYR43 billion, is slated for completion by 2025.</p> <p>Melaka will also be home to the MYR12.5 billion Kuala Linggi International Port, around which a 600-acre tract “tourism city” has been envisioned.</p> <p>A 500,000-square-foot water park will be completed later this year, with around 850,000 to 1 million in visitors expected annually after the first year of operations.</p> <p>As it is, Melaka is already a tourist draw with a wealth of heritage sites like the Stadhuys, A’Famosa Fort, Christ Church, Jonker Street and Portuguese Square.</p> <p><em>Do you know of remarkable residential developments in Kota Kinabalu, Ipoh, and Melaka? Be sure developers and properties from these places are well represented at the 2019 PropertyGuru Asia Property Awards (Malaysia) by nominating them by 22 February here: </em><em><a href="http://www.asiapropertyawards.com/nomination/malaysia/">http://www.asiapropertyawards.com/nomination/malaysia/</a></em></p>
<p><img alt="Lang Co beach near Hue, Vietnam. Thana Nattribhop/Shutterstock" src="/documents/10204/0/shutterstock_466971455-compressor.jpg/6480c1b7-608d-4efb-b70b-1c95a8a11415?t=1545110966609" style="width: 1000px; height: 667px;" />The fortunes of Lang Co are set to change in the next few years.</p> <p>The small coastal village in Vietnam’s Hue province is home to Laguna Lang Co, a 280-hectare integrated resort that will, by 2021, host an international-scale casino complex. Vietnamese Prime Minister Nguyen Xuan Phuc consented earlier this year to allowing the casino operations, set to feature some 500 gaming machines and 50 table games.</p> <p>Investment into the project will reportedly total USD2 billion, the minimum required capital for a casino resort to operate under a three-year trial for gambling by locals. </p> <p>The initial salvo of residential components in the resort includes the Banyan Tree Residences, launched last week.</p> <p>The 40 villas, each with its own outdoor infinity pool, are splayed on a jungle-clad mountainside and look out to the resort's three-kilometre-long private beach.</p> <p><a href="http://www.property-report.com/detail/-/blogs/vietnam-s-special-economic-zones-a-trojan-horse-for-chinese-influenc-1" target="_blank"><strong>More: Are Vietnam's Special Economic Zones a Trojan horse for Chinese influence?</strong></a></p> <p>“These days there are multiple investment opportunities in Vietnam, but not many property owners can say that they have a home that is built on a mountainside overlooking one of the most beautiful bays in the world. Here they can,” said Gavin Herholdt, managing director of Laguna Lang Co. </p> <p>Occupants can choose from one- to three-bedroom villa layouts spanning from 152 to 260 square metres, respectively. The heights of the villas stand at anywhere between 45 and 85 metres.</p> <p>Interior elements of the residences pay subtle hoamge to the traditional architecture of nearby Hue, Vietnam’s former imperial capital.</p> <p>“Our aim with these residences was to showcase the harmony that can be achieved between nature and design,” said Herholdt.</p> <p>Laguna Lang Co is also home to the Angsana Lang Co resort as well as a championship golf course designed by Nick Faldo.</p> <p><em>See images of Banyan Tree Residences:</em></p> <p><img alt="" src="/documents/10204/0/3_BanyanTreeLangCo_Three_Bedroom-Sea-view_Hill_Pool-Villa-%286%29-compressor.jpg/fac993f1-20b2-49e7-b26f-80149191b862?t=1545111068960" /></p> <p><img alt="" src="/documents/10204/0/2_Banyan-Tree-Lang-Co-Hill-Villa_2018%284%29-compressor.jpeg/0d8db190-3863-4899-82d2-e3d7e3088811?t=1545111052766" /></p> <p><img alt="" src="/documents/10204/0/1_BanyanTreeLangCo_Three_Bedroom-Sea-view_Hill_Pool-Villa-%281%29-compressor.jpg/2f3b2a51-ba7a-4779-809f-a8e545cee3bb?t=1545111041455" /></p>